Pagaya Technologies (NASDAQ:PGY) Shares Gap Up – Time to Buy?

Pagaya Technologies Ltd. (NASDAQ:PGY)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $8.54, but opened at $9.09. Pagaya Technologies shares last traded at $9.09, with a volume of 348,942 shares trading hands.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on PGY. B. Riley dropped their price objective on Pagaya Technologies from $48.00 to $36.00 and set a “buy” rating on the stock in a research note on Monday, September 30th. UBS Group initiated coverage on Pagaya Technologies in a research report on Friday, December 20th. They issued a “neutral” rating and a $11.00 target price on the stock. Benchmark reaffirmed a “buy” rating and issued a $21.00 target price on shares of Pagaya Technologies in a research report on Wednesday, October 16th. Canaccord Genuity Group decreased their target price on Pagaya Technologies from $32.00 to $25.00 and set a “buy” rating on the stock in a research report on Wednesday, November 13th. Finally, Oppenheimer initiated coverage on Pagaya Technologies in a research report on Tuesday, October 1st. They issued an “outperform” rating and a $12.00 target price on the stock. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, Pagaya Technologies currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.00.

Pagaya Technologies Stock Up 4.8 %

The company has a market capitalization of $659.22 million, a P/E ratio of -3.52 and a beta of 6.12. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.82. The stock has a 50 day moving average price of $10.02 and a 200 day moving average price of $11.68.

Insider Activity

In related news, President Sanjiv Das sold 10,683 shares of the firm’s stock in a transaction on Thursday, October 17th. The stock was sold at an average price of $11.77, for a total transaction of $125,738.91. Following the completion of the transaction, the president now directly owns 64,794 shares of the company’s stock, valued at $762,625.38. This trade represents a 14.15 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Evangelos Perros sold 21,305 shares of the firm’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $9.97, for a total value of $212,410.85. Following the transaction, the chief financial officer now directly owns 54,029 shares of the company’s stock, valued at approximately $538,669.13. This represents a 28.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 235,107 shares of company stock worth $3,245,015. Insiders own 49.56% of the company’s stock.

Institutional Trading of Pagaya Technologies

A number of large investors have recently bought and sold shares of PGY. Point72 Asset Management L.P. grew its holdings in Pagaya Technologies by 4,374.9% during the 3rd quarter. Point72 Asset Management L.P. now owns 311,859 shares of the company’s stock worth $3,296,000 after acquiring an additional 304,890 shares during the period. Arizona PSPRS Trust acquired a new stake in Pagaya Technologies during the 3rd quarter worth about $2,183,000. Millennium Management LLC grew its holdings in Pagaya Technologies by 455.9% during the 2nd quarter. Millennium Management LLC now owns 218,549 shares of the company’s stock worth $2,789,000 after acquiring an additional 179,235 shares during the period. Divisadero Street Capital Management LP acquired a new stake in Pagaya Technologies during the 2nd quarter worth about $2,273,000. Finally, Yarra Square Partners LP grew its holdings in Pagaya Technologies by 29.9% during the 2nd quarter. Yarra Square Partners LP now owns 619,345 shares of the company’s stock worth $7,903,000 after acquiring an additional 142,500 shares during the period. 57.14% of the stock is currently owned by institutional investors and hedge funds.

About Pagaya Technologies

Pagaya Technologies Ltd., a product-focused technology company, deploys data science and proprietary artificial intelligence-powered technology for financial institutions and investors in the United States, Israel, the Cayman Islands, and internationally. The company develops and implements proprietary artificial intelligence technology and related software solutions to assist partners to originate loans and other assets.